香港联系汇率制度利弊浅析

维持港币币值稳定对香港经济有着极其重要的意义,而联系汇率制度的最大优点亦在于此,香港在今后较长一段时间不应放弃联系汇率,而应完善联系汇率制度使之更好地为香港经济服务。     

香港联系汇率制度的困境与改革方向

在人民币持续存在升值预期的背景之下,香港联系汇率制度也在经受着考验。香港联系汇率制度的运行存在着几大困境,面对这些困境,港币汇率制度改革的方向应该走人民币化的道路,但改革的路径必须和中国大陆金融市场改革的路径相协调。     

港元联系汇率制度利弊析

联系汇率制度是香港货币制度的基石,联汇制的特殊运行机制保证了香港金融经济在过去十多年中得以健康稳定发展.但亚洲金融风暴后,联汇制的制度安排引起了世界舆论.本文通过联汇制的运行机制,分析了联汇制的优缺点.并认为香港联汇制仍将继续存在,但要对其进行改进.     

香港联系汇率制度的现实启示及未来挑战

本文针对香港联系汇率制度的形成历史以及原因,总结出香港的联系汇率制度形成的偶然性申的必然性,分析香港联系汇率割度的优势和弊端,以及此项制度对于香港金融市场的重大意义。针对日新月异的国际资本市场,香港也面临着挑战,香港也必须与时俱进,加强和人民币之间的联系,进而形成合理的汇率机制。本文最后勾画了香港汇率制度未来的发展前景。     

香港联系汇率制度的现实启示及未来挑战

本文针对香港联系汇率制度的形成历史以及原因,总结出香港的联系汇率制度形成的偶然性中的必然性,分析香港联系汇率制度的优势和弊端,以及此项制度对于香港金融市场的重大意义.针对日新月异的国际资本市场,香港也面临着挑战,香港也必须与时俱进,加强和人民币之间的联系,进而形成合理的汇率机制.本文最后勾画了香港汇率制度未来的发展前景.     

浅谈香港联系汇率制度未来的选择

近期以来,由于全球经济下滑,世界经济格局发生较大变化,美元的世界货币地位受到冲击,弱势美元理论导致港币与美元的联系汇率制度走到一个比较尴尬的境地.短期内,联系汇率制有着极强的抗外部冲击能力,短期内应该继续保持联系汇率制度;在长期,港元将与人民币一体化,走向统一货币,汇率制度将成为浮动汇率制度.     

香港联系汇率制度及其前景分析

本文从香港货币汇率制度演变出发．对其运行机制及前景进行分析．认为联系汇率制度是香港金融制度的基础,香港经济稳定和繁荣离不开联汇制的稳定。     

《稳定与增长公约》的修改与欧盟财政的可持续性

《稳定与增长公约》的修改增强了其灵活性,有助于欧盟成员国充分运用财政政策刺激经济增长,但也引起了人们对欧盟财政可持续性问题的担忧。本文从实证的角度分别对相关经济因素给定和相关经济因素可变两种条件下欧盟成员国财政的可持续性进行了检验,检验结果显示:相关经济因素可变条件下的欧盟财政可持续性比相关经济因素给定条件下的欧盟财政可持续性更好,这表明《公约》的修改将有助于增强欧盟财政的可持续性,从而在一定程度上支持了《公约》的修改。     

香港货币局制度理论综述

货币局制度在香港实施20多年来基本上运行平稳。但经历过亚洲金融危机和阿根廷经济危机后，对于香港货币局制度出现了较大的争论。本文对近年来理论界对货币局的理论作了一个归纳，对其主要理论从利、弊和改进方案三个方面进行介绍，并对其进行分析，以期为更深层的研究提供支持。     

The Working of the Currency Board: The Experience of Hong Kong 1935–1997

Hong Kong had twice adopted, in its modern monetary history, the currency board system: the first in November 1935, and the second in October 1983. This article provides an analysis of the modus operandi of Hong Kong's version of currency board, as well as an appraisal of its advantages and disadvantages.     

Choice of Exchange Rate Regime: Currency Board (Hong Kong) or Monitoring Band (Singapore)?

Following the East Asian crisis, a number of observers have advocated that small and open economies in Asia adopt an irrevocably fixed regime. Such a hard peg, it is argued, signals greater commitment to rule out arbitrary exchange rate adjustments as well as the authorities’ willingness to subordinate domestic policy objectives such as output and employment growth to the maintenance of the pegged exchange rate. But is this a reasonable position to adopt? In order to answer this question, we consider and contrast the experiences of Hong Kong and Singapore. While both of these economies share a number of broad similarities, the former operates a US dollar–linked currency board arrangement and the latter maintains an adjustable peg in the form of a monitoring band arrangement with the central parity based on an undisclosed trade–weighted currency basket.     

Currency Substitution Between the Hong Kong Dollar and the Renminbi in South China

The present paper estimates the demand for the Hong Kong currency circulating in the Guangdong Province of China and Macau. The amount of Hong Kong dollars circulating in the Guangdong (Macau) region is reckoned to be 7.4 (3.2) percent of the total amount issued in Hong Kong. The estimated coeficients in the currency demand equation suggest that the Hong Kong currency in Guangdong is used mainly for transactions. Therefore, in spite of strong evidence of currency substitution of the Renminbi with the Hong Kong Dollar, its impact on the exchange rate and on the international reserves of Hong Kong during currency crisis should be minimal.     

Free Banking in Hong Kong

Hong Kong has no central bank and its paper currency is issued by two private commercial banks. Cointegration tests and an error-correction model are used to examine the stability of the money supply process under pegged and floating exchange rates. Empirical evidence suggests feedback between the price level and money supply during the floating rate period but stability under a pegged rate. [E 42]     

West African Currency Unions: Rationale and Sustainability

Drawing on the recent literature and experience of monetaryintegration in Europe, the paper examines the rationale forestablishing regional currency unions in western Africa. Despitedramatic economic, political and historical differences betweenthe two regions, the analysis indicates that monetary unificationmight well be beneficial for a number of the member states ofthe Economic Community of West African States (ECOWAS). Themain reason is that the costs stemming from the loss of monetaryautonomy are often more than offset by the gains originatingin the (partial) separation of monetary and fiscal powers. However,large countries with relatively ambitious public expenditureobjectives would not be attractive partners because they wouldbe expected to pressure the common central bank, creating excessiveinflation in the entire union. Hence, the desirability and sustainabilityof a currency union critically depends on fiscal disciplineamong its members. We also explore the vulnerability of regionalmonetary institutions to country-specific disturbances. Overall,the desirability of an ECOWAS monetary union requires a strongfiscal surveillance procedure both in the transition phase andafter the establishment of the union. (JEL E58, E61, F42)     

Currency Crises and the Modified Currency Board System in Singapore

This paper argues that the currency board system, while ideal for developing countries, will need to be modified for the more advanced developing countries like Singapore. Serious conflicts between internal and external targets could be minimized if it is modified by allowing some flexibility in the exchange rate. Lessons from Singapore on controlling inflation and warding off currency attacks were drawn to support the argument.